Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: Gideon99 on February 20, 2024, 09:26:14 PM
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How is Bitcoin ATM machine help in most countries
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In my country, it is very rare that people want to use Bitcoin ATM. People prefer to deposit or withdrawal through local exchanges. People also trade their Bitcoin on local exchanges. It is because this will be easier and it will be more private. When people withdrawal in local exchanges, they will convert the Bitcoin to Rupiah and it will directly to the ATM. So, we actually don't really need Bitcoin ATM for now.
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In my country, it is very rare that people want to use Bitcoin ATM. People prefer to deposit or withdrawal through local exchanges. People also trade their Bitcoin on local exchanges. It is because this will be easier and it will be more private. When people withdrawal in local exchanges, they will convert the Bitcoin to Rupiah and it will directly to the ATM. So, we actually don't really need Bitcoin ATM for now.
Yeah, in my country is also rare of Bitcoin ATM machine, maybe only two in my country . that I've been hearing about lately, because I've never used it since it's in the nation's capital. Meanwhile, I am far from the capital city.
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For me it is simple, this undoubtedly helps in the progress of a country, a country the more opinions you have about payments, the more opinions you have about how to move money, well that's where it is, I don't know if some countries with weak economies can be seen It's bad to see things from a very clear point of view about things with bitcoin, but some governments may think that it is money laundering and this can lead to the economy suffering from inflation, which I see very exaggerated, but it is not tied to what they say, it may be like that, however Things can be handled from another point of view.
If a country receives money that is foreign or from another source, it is money that comes in, it is something that cannot be said no, I think it would be very backward to say no to something like that, however for me what it brings It would be progress and Economic development, it is a Dynamization of the economy.
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How is Bitcoin ATM machine help in most countries
What kind a question is this? ???
You should obviously know how all ATM machines work, they give you cash for card transactions and it's the same thing with bitcoin ATM's.
People need cash, Bitcoin ATM helps and provides cash, simple.
Stats are showing big growth in last few years:
https://coinatmradar.com/charts/growth/
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Help with what exactly? You can't ask whether it helps or not if the context is not clear, not to mention some countries are different from one another. You shouldn't expect a country like Indonesia to have as many ATMs as the US for example. If you mean the adoption of BTC as a means of payment, other factors are more important IMO, such as the number of merchants accepting BTC.
People also trade their Bitcoin on local exchanges. It is because this will be easier and it will be more private.
I don't think it is more private since you need to do KYC to begin with. If you're saying that nobody can physically see you accessing a Bitcoin ATM, then sure, but it is not like they will follow you and do a $5 in the middle of a city. That being said, you shouldn't underestimate people and keep your awareness at all times. Don't choose an ATM in an obscure location for example, although I don't think that exists in ID. CMIIW.
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In my country, Bitcoin ATMs can be the best solution to avoid direct BTC transactions since cryptocurrency transactions are banned in stores nationwide. With Bitcoin ATMs, one can convert BTC into cash first and then use it for transactions.
However, a few weeks ago, the public was shocked by a scam incident involving Bitcoin ATMs. So, it's advised that anyone looking to transact BTC at ATM machines should still be cautious. Because scams and thefts are always evolving with methods that weren't even thought of before.
https://kenoshanews.com/news/local/kenosha-police-warn-of-bitcoin-atm-scam-two-incidents-reported/article_93cebb78-c202-11ee-8a25-67a6f0e973ad.html
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It is rare to find these ATMs compared to traditional ATMs, and with the high fees, KYC and limited withdrawal amounts, they will be the last option for anyone who wants to withdraw their investments or buy Bitcoin.
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How is Bitcoin ATM machine help in most countries
Bitcoin ATM machine is not what is that common and I don't think it's found in most underdeveloped countries except for the developed once, it's use is not that difficult to use but I think people will have more challenges with the transaction fee in making use of one than performing it from your other devices directly without using the ATM, distance to locations where this machines were made available also is part of the reasons why many couldn't afford the use of this Bitcoin ATM machine in countries where they were made available.
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How is Bitcoin ATM machine help in most countries
To be honest it doesn't help here in my country because I have seen people complaining about high transaction fee with these machines. Though I haven't tried one but I think I won't bother trying so I won't regret right after the said transaction. Since I am living in the province I will surely miss that opportunity but if owners will have to fix fees into a fair one I think it's then worth trying.
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How is Bitcoin ATM machine help in most countries
Right before the trend of exchange P2P, it is difficult for some people to buy and sell Bitcoin and other coins, back then most of these exchanges are only for trading existing coins that you have, there is no better and secured ways to buy with fiat and then Bitcoin ATM where everywhere and it got trended but after a while, the growth subdue and reduce, we have some but many of them not functioning especially where I stay because everyone now use P2P on exchanges.
There is still countries that Bitcoin ATM works but some of them are wicked with charges, the fees is discouraging people to use them and also the government is not friendly with them.
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How is Bitcoin ATM machine help in most countries
What kind a question is this? ???
You should obviously know how all ATM machines work, they give you cash for card transactions and it's the same thing with bitcoin ATM's.
People need cash, Bitcoin ATM helps and provides cash, simple.
Stats are showing big growth in last few years:
https://coinatmradar.com/charts/growth/
I think OP expected to get something else than just cashing out crypto. In the past, I have seen in ATM machines where user was able to pay utilitiby bill, or pay for the mobile or the internet. This was done by scanning bar code of a document, inserting card and making a payment. Also I have seen an option to top-up some platform account with it. Like adding balance to Steam account, or buying something in World of Tanks (maybe I am wrong with something, but I remember seeing its logo among ATM services).
I think OP wanted to find out if there are ATM with such options. But instead of inserting the card, user would have to scan QR code with his mobile wallet.
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How is Bitcoin ATM machine help in most countries
Bitcoin ATMs have been a valuable technique used by Bitcoin enthusiasts to promote the use of Bitcoin. These ATMs accept fiat currencies in exchange for Bitcoin. The process varies depending on the machine; some machines may print out a Bitcoin slip containing a QR code. By scanning the code, the specified amount of Bitcoin is transferred to an assigned address.
From my perspective, I would advocate for a Point-of-Sale Bitcoin device, as they are portable and affordable for small businesses. Not every business organization can afford a Bitcoin ATM.
Also, note that it is ATM (Automated Teller Machine). There is no need to add the word "Machine" to ATM.
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How is Bitcoin ATM machine help in most countries
It makes trading their Bitcoin easy, unfortunately, we only have 35 ATMs in our country, and our country is still in the adoption process there are 5 local traders in our country and Binance will be banned by the end of this month, but our country is moving fast-paced in adoption maybe in the future it will become a popular mode of trading our Bitcoin.
If you want to see countries with the most numbers of ATM you can check out this article https://coinatmradar.com/countries/
The United States has the most number with 30354 locations
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It is rare to find these ATMs compared to traditional ATMs, and with the high fees, KYC and limited withdrawal amounts, they will be the last option for anyone who wants to withdraw their investments or buy Bitcoin.
For me it only makes sense to use them if they are without KYC. Why are you going to pay high fees, more than those of any CEX, and also pass a KYC? If you can find ATMs without KYC they are good options for selling modest amounts of bitcoin and cryptocurrencies. In my case, the only ones I have used are without KYC and that will continue to be the case. If there is a day when KYC is implemented in all of them, I will stop using them.
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For me it only makes sense to use them if they are without KYC. Why are you going to pay high fees, more than those of any CEX, and also pass a KYC? If you can find ATMs without KYC they are good options for selling modest amounts of bitcoin and cryptocurrencies. In my case, the only ones I have used are without KYC and that will continue to be the case. If there is a day when KYC is implemented in all of them, I will stop using them.
That's the bad part of buying BTC on a Bitcoin in an ATM it requires KYC and the rate is pretty expensive compared to buying BTC on local exchanges. However, not all ATMs ask for KYC there are some that only require a phone number and SMS for verification when buying BTC but with a limited amount.
As of now, there are few ATMs here in my country that only require a phone number for SMS verification but most of them are above the limit it requires government IDs before you can buy a large amount.
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How is Bitcoin ATM machine help in most countries
What kind a question is this? ???
You should obviously know how all ATM machines work, they give you cash for card transactions and it's the same thing with bitcoin ATM's.
People need cash, Bitcoin ATM helps and provides cash, simple.
Stats are showing big growth in last few years:
https://coinatmradar.com/charts/growth/
I think OP expected to get something else than just cashing out crypto. In the past, I have seen in ATM machines where user was able to pay utilitiby bill, or pay for the mobile or the internet. This was done by scanning bar code of a document, inserting card and making a payment. Also I have seen an option to top-up some platform account with it. Like adding balance to Steam account, or buying something in World of Tanks (maybe I am wrong with something, but I remember seeing its logo among ATM services).
I think OP wanted to find out if there are ATM with such options. But instead of inserting the card, user would have to scan QR code with his mobile wallet.
AFAIK, the features you mentioned are only available on regular ATMs and not on Bitcoin ATM machines. Furthermore, not all ATMs provide such features, it depends on the bank whether they will include additional functions in their ATMs. In our country, there are even options for depositing and encashing cheques. However, these features may be too advanced for Bitcoin ATMs, which are still relatively rare. Most Bitcoin ATMs only offer the option to buy and sell BTC and do not have any other features.
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I think OP expected to get something else than just cashing out crypto. In the past, I have seen in ATM machines where user was able to pay utilitiby bill, or pay for the mobile or the internet. This was done by scanning bar code of a document, inserting card and making a payment. Also I have seen an option to top-up some platform account with it. Like adding balance to Steam account, or buying something in World of Tanks (maybe I am wrong with something, but I remember seeing its logo among ATM services).
I've never seen such a Bitcoin ATM and none of the biggest manufacturers have ever built such one, not GB, Bitstop, Lamassu, Federal, never heard of one. Also what you're talking about a payment options reminds me more of Bill Pay, SelfPay or Payment Kiosks or however they ae called in different countries but those only work with cash.
No manufacturer will go though the trouble of adding a bitcoin exchange on those.
How is Bitcoin ATM machine help in most countries
What kind a question is this? ???
Fire and forget don't visit the topic after tricky question!
I wonder what it even meant:
- is there help available when you deal with a bitcoin ATM (customer support)
- are bitcoin ATM of any help for people in most countries?
- are Bitcoin ATMS helping a country (economics)?
But seems like he didn't care that much about the answers...
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I can't say how much bitcoin ATM has helped countries that use it, in the sense that, my country doesn't have a bitcoin ATM and bitcoin ATM is not actually rampant in most countries. And that means that, so many countries are not in deep use of it due to how bitcoin seemed to be illegal or legal in their country. And the only way they prefer acquiring Bitcoin is through a crypto exchange, not a Bitcoin ATM.
Nevertheless, there are about nine countries(USA, Australia, Canada, Europe, Poland, Switzerland, El Salvador, Austria, and Spain) that have bitcoin ATMs in their city. They should tell us how bitcoin ATM has been of help to them because they are in a better position to do that. As for my own opinion, I don't see any help that bitcoin ATMs can render to countries since there are easy ways to acquire them.
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How is Bitcoin ATM machine help in most countries
Again, this may also be due to the convenience that most people who are familiar with Bitcoin can experience. Actually, this is quite good when it comes to seeing how easy Bitcoin users can get in making transactions. Unfortunately, not all countries can install this because it is related to various risky regulations. So, if it could be successfully installed and provide convenience for Bitcoin users, that would be much more useful, right?
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I think OP expected to get something else than just cashing out crypto. In the past, I have seen in ATM machines where user was able to pay utilitiby bill, or pay for the mobile or the internet. This was done by scanning bar code of a document, inserting card and making a payment. Also I have seen an option to top-up some platform account with it. Like adding balance to Steam account, or buying something in World of Tanks (maybe I am wrong with something, but I remember seeing its logo among ATM services).
I've never seen such a Bitcoin ATM and none of the biggest manufacturers have ever built such one, not GB, Bitstop, Lamassu, Federal, never heard of one. Also what you're talking about a payment options reminds me more of Bill Pay, SelfPay or Payment Kiosks or however they ae called in different countries but those only work with cash.
No manufacturer will go though the trouble of adding a bitcoin exchange on those.
I think OP hoped to get information like that. I did not mean to say there are such Bitcoin ATM, but I think he would be happy if Bitcoin ATMs would offer such payment options. Anyway, the topic name is really misleading. Either it is missing a word, or something extra is used. I think the correct version would be "How Bitcoin ATMs help us? ". I would prefer "Are Bitcoin ATMs really useful?" more. I dont think that many people use them.
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How is Bitcoin ATM machine help in most countries
Again, this may also be due to the convenience that most people who are familiar with Bitcoin can experience. Actually, this is quite good when it comes to seeing how easy Bitcoin users can get in making transactions. Unfortunately, not all countries can install this because it is related to various risky regulations. So, if it could be successfully installed and provide convenience for Bitcoin users, that would be much more useful, right?
It's beneficial when a lot of people are using it, but it will only be abandoned eventually and will only be a broken Bitcoin ATM machine.
How not, the fees charged by Bitcoin ATMs will be greater than Top Tier Exchanges, and this is also related to regulatory issues and taxes imposed by Bitcoin ATMs.
In developing countries it was originally available, but is no longer used with various problems caused or because regulations require it to be closed.
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There are not a lot of bitcoin ATMs here in Nigeria yet, like where I live, there are absolutely no bitcoin ATMs yet, and for me to access one, I sure will have to travel a very long distance far away outside my state.
I would say in general that bitcoin atms have not really been of great help to the adoption of bitcoin in my country, why?, because
1. They are very scarce to see or come around.
2. Possibly due to the very few of them available, the fees that comes from using those machines are always off the roof, personally, I would prefer to use p2p to either buy or sell bitcoin for my local currency than use a bitcoin ATM, the fees are always too high - according to those who have used it.
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How is Bitcoin ATM machine help in most countries
There are couple of Bitcoin ATM machine in my city and they are far from my place so I don't think it helps me in anyway since there are lots of exchange available with connection to our online wallets.
but in other countries that has problem in exchange ? yeah they really need ATM by all means .
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I think the only Bitcoin ATM machine we have here doesn't seem to have been upgraded; it's still the only one in the area that I know of. But there are many merchants who accept Bitcoin in various places in our country, and there is even something called a bitcoin island here in our country.
But I hope there will be other ATM bitcoin machines so that other crypto enthusiasts can also try such encashments of bitcoin to fiat in our country.
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How is Bitcoin ATM machine help in most countries
Using a Bitcoin ATM means a country's adoption of Bitcoin with the local currency. A country with more bitcoin users i.e. a bitcoin friendly environment has more number of bitcoin ATMs. Increasing number of Bitcoin ATMs means increasing exchange of Bitcoins with local currency in that country. Generally, Bitcoin friendly countries especially Japan, USA, Canada, Australia and China have a large number of Bitcoin ATMs and the general public of those countries exchange Bitcoins for local currency.
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How is Bitcoin ATM machine help in most countries
ATM? Bitcoin itself is banned where I am from, so no way we can have any ATM here that we can try out to see the advantages or disadvantages. But with all the reviews I have seen on the internet and the opinions of others, I can say that it has its pros and cons. But as it is not the perfect solution, it can't help in all sections.
It can help everyone in the country but not the country itself. It's an individual thing. It can help keep your privacy safe and keep your crypto transactions separate from traditional bank transactions etc.
But it takes a bit extra fees for that. It's a price you have to pay in order to take advantage of the crypto ATMs.
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How is Bitcoin ATM machine help in most countries
There are couple of Bitcoin ATM machine in my city and they are far from my place so I don't think it helps me in anyway since there are lots of exchange available with connection to our online wallets.
but in other countries that has problem in exchange ? yeah they really need ATM by all means .
If a country doesn't allow exchange, I mean centralized exchanges then there is no way that Bitcoin ATM are going to be allowed there, it's not possible because if exchange are not allow then that means that crypto activity are not allow in that country, using Bitcoin ATM too will probably be suspended or any one see around will be seize or even the banks that facilitate such transaction will stop the transactions of the ATM.
Exchanges are open to all people and I don't see why people need to use the ATM because the fees are ridiculously high, you will be losing way more bitcoin or equivalent currency to the ATM than you will lose to the exchanges.
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How is Bitcoin ATM machine help in most countries
There are couple of Bitcoin ATM machine in my city and they are far from my place so I don't think it helps me in anyway since there are lots of exchange available with connection to our online wallets.
but in other countries that has problem in exchange ? yeah they really need ATM by all means .
If a country doesn't allow exchange, I mean centralized exchanges then there is no way that Bitcoin ATM are going to be allowed there, it's not possible because if exchange are not allow then that means that crypto activity are not allow in that country, using Bitcoin ATM too will probably be suspended or any one see around will be seize or even the banks that facilitate such transaction will stop the transactions of the ATM.
Exchanges are open to all people and I don't see why people need to use the ATM because the fees are ridiculously high, you will be losing way more bitcoin or equivalent currency to the ATM than you will lose to the exchanges.
You are right, in fact the policies of a country can mean the financial freedom of a people, of the things they want and need, in a country where bitcoin is prohibited I could think that it is a country where there is a regime authoritarian where financial freedom is not possible, and how surely the government is the one who does all the work to keep the greatest resources, then if they do not allow bitcoin ATMs, it is possibly a ppis that is afraid that I see bitcoin as a money laundering , because it is known that it is money, and it is money that comes in strongly.
This may be an option, but Countries Should be more open to this because if a Bitcoin ATM suggests problems that can be expected for the particular country? Things are not Right , they need something, in a country like this I dare not use bitcion, because they have to be with OTP Exchanges and everything under the table, it is something dangerous.
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I think OP hoped to get information like that. I did not mean to say there are such Bitcoin ATM, but I think he would be happy if Bitcoin ATMs would offer such payment options.
And would still be happy if that comes with the average 4-5% fee those BATMS carry?
What would be the point of being fleeced 4-5% on the exchange rate to purchase some sim cards or pay a phone bill when I could simply sell those coins at the exchange, have it in my bank account and pay eveything from that at not even 1% of the coast if we talk bigger sums?
Not to mention hat I would have to go to that ATM in person while the other option just requires me to type things on my mobile!
Besides, even if let's say you would need this, nothing would stop you to cash out on a BATM and then use on of those bill kiosk with the cash got from the BATM.
But the fact that no ATM producer has gone this way offerign things is pretty much telling there is no userbase!
Generally, Bitcoin friendly countries especially Japan, USA, Canada, Australia and China have a large number of Bitcoin ATMs and the general public of those countries exchange Bitcoins for local currency.
China? Bitcoin Friendly? ;D
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How is Bitcoin ATM machine help in most countries
Again, this may also be due to the convenience that most people who are familiar with Bitcoin can experience. Actually, this is quite good when it comes to seeing how easy Bitcoin users can get in making transactions. Unfortunately, not all countries can install this because it is related to various risky regulations. So, if it could be successfully installed and provide convenience for Bitcoin users, that would be much more useful, right?
It's beneficial when a lot of people are using it, but it will only be abandoned eventually and will only be a broken Bitcoin ATM machine.
How not, the fees charged by Bitcoin ATMs will be greater than Top Tier Exchanges, and this is also related to regulatory issues and taxes imposed by Bitcoin ATMs.
In developing countries it was originally available, but is no longer used with various problems caused or because regulations require it to be closed.
If bitcoin in your country is permitted by the government for transactions, perhaps there is a bitcoin ATM, unfortunately in my country the government does not allow it, so as far as here there is no bitcoin ATM or I may not know where it is.